Major European markets are all declining by about 1% in early trading, with mining companies taking a major beating. Asian markets ended with losses.

4. Earnings and economics:JPMorgan Chase(JPM) and Wells Fargo(WFC) will report quarterly earnings before the opening bell.

Burberry(BURBY) just provided a quarterly trading update in London, reporting sales surged in the last three months of 2014. But the company also noted that Hong Kong sales were disrupted by last year's pro-democracy protests.

On the data front, the Census Bureau will report December's retail sales number at 8:30 a.m. ET.

At 2 p.m. the U.S. Federal Reserve will release its latest Beige Book

5. Tuesday market recap: Tuesday was the third consecutive day of declines in the stock market. Stocks had originally jumped in the morning but then fell back to earth.